Keeping up with ever-changing IRS rules

Keeping up with the always-evolving IRS rules and their inherent tax implications can be a harrowing task if you don’t know where to look. The foolproof method is to keep up with the updates on the IRS web site. Any changes to tax laws will be referenced here. By signing up to subscribe to IRS Newswire, anybody can keep up with the IRS news releases. Within these 2-3 times weekly news releases will be announcements about changes to the IRS code. Sign up here: http://www.irs.gov/newsroom/content/0,,id=105771,00.html

Also, within the IRS site is a web page titled “Tax Law Changes for Individuals” which highlights all tax law alterations within the current filing year. That site is located here: http://www.irs.gov/formspubs/article/0,,id=109876,00.html

Many other web sites reference key changes to IRS code and its impact on individual filers. One such site is turbotax.com, home to the popular tax filing software. Changes to current tax laws and tax laws scheduled to be altered in the future can be found here: http://turbotax.intuit.com/tax_help/tax_law_changes_turbotax/article

To get more in-depth understanding of the changes, I would suggest perusing the forums dedicated to the topic. My favorite is kiplingers.com and the discussion group is located here: http://forums.kiplinger.com/forumdisplay.php?s=cc3370f782ae53f67c822112c97106ac&f=45. Within this discussion board you can search for questions similar to yours or, if you cannot find your subject discussed, post a new question and others will be sure to answer. This is also a good place to seek out advice on the new tax laws.

Alternatively, to keep up with tax law changes without knowing the details of the tax laws always use current tax filing software when completing your tax return. Software packages like TurboTax, TaxCut, TaxACT, and CompleteTax all update their yearly releases with all the current tax laws.

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